Regulation(REG)

VI.Federal Taxation of Entities(18% - 24%)

A.Similarities and Distinctions in Tax Treatment Among Business Entities

1.Formation

2.Operation

3.Distributions

4.Liquidation

B.Differences Between Tax and Financial Accounting

1.Reconciliation of book income to taxable income

2.Disclosures under Schedule M-3

C.C Corporations

1.Determination of taxable income/loss

2.Tax computations and credits, including alternative minimum tax

3.Net operating losses

4.Entity/owner transactions, including contributions and distributions

5.Earnings and profits

6.Consolidated returns

D.S Corporations

1.Eligibility and election

2.Determination of ordinary income/loss and separately stated items

3.Basis of shareholder’s interest

4.Entity/owner transactions,including contributions and distributions

5.Built-in gains tax

E.Partnerships

1.Determination of ordinary income/loss and separately stated items  

2.Basis of partner’s/member’s interest and basis of assets contributed to the partnership

3. Partnership and partner elections

4.Transactions between a partner and the partnership

5.Treatment of partnership liabilities

6.Distribution of partnership assets

7.Ownership changes and liquidation and termination of partnership

F.Trusts and Estates

1.Types of trusts

2.Income and deductions

3.Determination of beneficiary’s share of taxable income

G.Tax-Exempt Organizations

1.Types of organizations

2.Obtaining and maintaining tax-exempt status

3.Unrelated business income